Vice Chancellor to forgo salary

University Business, August, 2008 by Michele Herrmann

THE NEW VICE CHANCELLOR OF THE UNIVERSITY OF CALIFORnia, Berkeley, is an international finance banker who will use his expertise and connections to help grow the institution's finances--all while forgoing a salary.

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Frank Yeary, a 1985 UC Berkeley graduate and global head of mergers and acquisitions for Citigroup, will donate his annual pay of $200,000 to the university as a formal gift agreement in order to fund a needs-based scholarship program for undergraduate students from California.

Yeary starts his new job this month, at a time when funding for California's higher education institutions is being altered by the state's fiscal crunch. In this specially created position, Yeary will spearhead the development of a long-term financial plan that will give the campus a stable and reliable funding strategy. He may also teach. His initial appointment is for three years.

In his new post, Yeary sees both a challenge and an opportunity. "I hope that I can bring a fresh set of skills and relationships, built over twenty years working with some of the world's most successful companies and executives, to the university," he says.

Chancellor Robert Birgeneau explains that his new employee's 20-year career on Wall Street "will be invaluable in assisting us to develop strategies, both short and long term, that blend public and private support and take advantage of opportunities, partnerships, and alliances to secure Berkeley's future as a leading public university." Yeary earned a Bachelor of Arts degree in economics and history from UC Berkeley and has remained active there, as a member of the Berkeley Foundation Board of Trustees since 2001.